Partners in progress: King Salman, Obama to continue strategic ties

January 28, 2015

Salman Obama

Riyadh, Jan 28: Custodian of the Two Holy Mosques King Salman and US President Barack Obama pledged to work closely on a range of regional and international issues at a meeting on Tuesday, including terrorism, the Iranian nuclear talks and conflicts in neighboring states.

In their first formal meeting, the talks focused broadly on counter-terrorism and regional stability with special reference to bilateral Saudi-US relations. Obama’s meeting with King Salman comes just days after the death of King Abdullah, who was buried on Friday.

The White House said the main reason for Obama’s trip was to pay his respects to the country that has been a key ally in the region. Obama had arrived with his wife Michelle, accompanied by a delegation of about 30 members. During his four-hour stop in Riyadh, Obama also attended a dinner with Saudi officials at Erga Palace.

A member of the delegation said the trip was an opportunity to “pay respects to the legacy of King Abdullah, who was a close partner of the US, and also discuss some of the issues where we are working together, which include Islamic State, Yemen, the Iranian nuclear negotiations and the broader US-Saudi relationship.”

According to a Royal Court statement, the meeting was significant.

“During the visit, official talks were held between Custodian of the Two Holy Mosques King Salman and President Obama on regional and international issues of common interest in addition to setting out the means to enhance bilateral relations.”

Earlier, Johann Schmonsees, press attache at the US embassy here, said: “We adjusted the president’s schedule in coordination with the Indian government so that he would be able to depart India on Tuesday, to stop in Riyadh during the return trip and meet with King Salman and other Saudi officials, and offer his condolences on behalf of the American people.”

The US delegation was met at the airport by King Salman with a full guard of honor and the playing of the national anthems of the two countries.

King Salman also introduced his senior ministers to Obama, including Crown Prince Muqrin; Deputy Crown Prince Mohammed bin Naif, who is also Second Deputy Premier and Interior Minister; and Prince Khaled bin Bandar, chief of general intelligence.

Riyadh Gov. Prince Turki bin Abdullah, Saudi ambassador to the US Adel Al-Jubeir and his counterpart in Riyadh Joseph Westphal were also present at the airport.

According to the US embassy Riyadh, Obama led a delegation of current and former US officials, which include John Kerry, secretary of state; John McCain, senator from the state of Arizona; and Mark Warner, senator from the Commonwealth of Virginia.

The others included Valerie Jarrett, senior adviser and assistant to the president for intergovernmental affairs and public engagement; Susan Rice, assistant to the president and national security adviser; Jennifer Palmieri, assistant to the president and director of communications; Lisa Monaco, assistant to the president for homeland security and counter terrorism; and Peter A. Selfridge, United States Chief of Protocol.

The other members included John Brennan, director of the Central Intelligence Agency; General Lloyd J. Austin III, commander of US Central Command; James Baker, former secretary of state; Condoleezza Rice, former secretary of state; Brent Scowcroft, former national security adviser; and several other foreign policy leaders from past administrations. Vice President Joe Biden had remained in Washington.

Baker is revered in the Arab Gulf region, particularly Saudi Arabia and Kuwait, for his role in orchestrating the alliance against Saddam Hussein in 1990 and 1991.

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Agencies
July 20,2020

Riyadh, Jul 20: Saudi Arabia's King Salman has been admitted to a hospital in the capital, Riyadh, for medical tests due to inflammation of the gallbladder, the kingdom's Royal Court said Monday in a statement carried by the official Saudi Press Agency.

The statement said the 84-year-old monarch is being tested at the King Faisal Specialist Hospital. The brief statement did not provide further details.

King Salman has been in power since January 2015. He is considered the last Saudi monarch of his generation of brothers who have held power since the death of their father and founder of Saudi Arabia, King Abdulaziz.

King Salman has empowered his 34-year-old son, Crown Prince Mohammed bin Salman, as his successor. The crown prince's assertive and bold style of leadership, as well as his consolidation of power and sidelining of potential rivals, has been controversial.

With the support of his father, Prince Mohammed has transformed the kingdom in recent years, opening it up to tourists and eroding decades of ultraconservative restrictions on entertainment and women's rights as he tries to diversify the Saudi economy away from reliance on oil exports.

The prince has also detained dozens of activists and critics, overseen a devastating war in Yemen, and rounded up top members of the royal family in his quest for power.

The Saudi king has not been seen in public in recent months due to social distancing guidelines and concerns over the spread of the coronavirus inside the kingdom, which has one of the largest outbreaks in the Middle East.

He has been shown, however, in state-run media images attending virtual meetings with his Cabinet and held calls with world leaders.

King Salman, who oversees Islam's holiest sites in Makkah and Medinah, was a crown prince under King Abdullah and served as defense minister. For more than 50 years prior to that, he was governor of Riyadh, overseeing its evolution from a barren city to a teeming capital.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
April 10,2020

Dubai, Apr 10: Saudi Arabia reported 364 new coronavirus cases and three new virus-related deaths, the Ministry of Health announced on Friday.

The total number of confirmed cases in the Kingdom is 3,651, out of which 2,919 are currently active, the ministry added.

Out of the new cases, 90 were recorded in Mecca, 78 in Medina, 69 in Riyadh, and 54 in Jeddah, the ministry said.

Meanwhile, the number of fatalities rose to 47, while th number of recoveries reached 685.

The daily number of confirmed cases in Saudi Arabia has not peaked yet, and has been rapidly accelerating.

Saudi Arabia’s Minister of Health had said earlier this week that four different studies showed that the number of coronavirus cases in the Kingdom could reach between 10,000 to 200,000 within weeks.

The ministry spokesman emphasized the urgent need for citizens and residents to remain at home and maintain social distancing practices to ensure that the virus does not spread further.

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